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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 10992
Experience:  I have been practising for 30 years.
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I'm currently going through a divorce and remortgaging to

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Hello
I'm currently going through a divorce and remortgaging to release equity for my wife as part of the settlement. I understand that 2.5% of the agreed re mortgage price must be deducted from the value of the property before calculating the value of my wife's share in the property. My question is: Is this the law and standard procedure in this instance? She's just offered me a higher price than I want to pay for the re mortgage but if the 2.5% was definitely going to be deducted and she cannot get out of this 2.4% deduction then her offer would be more acceptable to me.
Many thanks
Mark

Hello for clarification - who has given you this information?

Customer: replied 5 months ago.
it was a solicitor that I am no longer in touch with

Thank you. I’m not certain where this 2.5% has come from but there is no statutory or other legal provision that I’m aware of in respect of the 2.5%. It’s a case of what you can agreed between you including the costs of removing her from the deeds and remortgaging and valuing et cetera et cetera

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